Repositioning a value axis

ABSTRACT

Various embodiments of a trading screen allow a market value indicator to go out of view without necessarily triggering a command to reposition a value axis. The value axis may be repositioned to bring the market value indicator back in view when the market value indicator satisfies a threshold condition. The threshold condition is defined such that it is possible for the market value indicator to go out of view and not trigger a command to reposition the value axis. Various embodiments automatically reposition the value axis in a way that can provide the user with more overall control of the trading screen than previous trading screens. Further, the user may gain increased confidence in using the trading display, particularly with respect to single action order entry, because there is less risk of the value changing on the display during order entry. These advantages and others will be evident to a person of ordinary skill in the art of the embodiments described herein.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.12/913,353, filed Oct. 27, 2010, now U.S. Pat. No. 9,858,620, thecontents of which are fully incorporated herein by reference for allpurposes.

BACKGROUND

This patent document relates to electronic trading. In particular, thisdocument describes tools and features for use in electronic trading.

An electronic trading system generally includes a number of clientdevices in communication with one (or more) electronic exchanges. By wayof illustration, an electronic exchange receives a trade order from aclient device. Upon receiving the trade order, the electronic exchangeenters the trade order into an exchange order book and attempts to matchquantity of the trade order with quantity of one or more contra-sideorders. A sell order is contra-side to a buy order of the same price.Similarly, a buy order is contra-side to a sell order of the same price.Unmatched quantity of a trade order is held in the exchange order bookuntil it is matched by the electronic exchange. Unmatched quantity of atrade order may also be removed from the exchange order book when atrade order is cancelled, either by the client device or the electronicexchange, for example. Upon matching quantity of the trade order, theelectronic exchange typically sends a confirmation to the client devicethat the quantity of the trade order was matched. It is understood thatan electronic exchange may operate differently depending on a number offactors, which might include the type of exchange, product traded,regulatory control, and so on.

In addition to matching trade orders, an electronic exchange typicallytransmits market data to the client devices. Market data may include,for example, price data, market depth data, last trade quantity data,trade order data, order fill data, and so on. For example, theelectronic exchange might send a price data feed to the client devicesto provide a current inside market (e.g., a highest bid price and alowest ask price). In another example, the electronic exchange mightsend a market depth data feed to the client devices to provide thequantities available to be bought or sold at various price levels. Ofcourse, the electronic exchange might send the data to the clientdevices together using one or more feeds.

In some situations, a client device receives and processes market datawithout displaying the market data on a display device. These kinds ofclient devices are typically server-side devices, black boxes, and otherprogrammed trading devices that do not necessarily require a user toview the data. However, in other situations, the client device displaysthe market data, or at least a portion thereof, on a display device.Accordingly, the client device may include software that creates atrading screen. Generally, a trading screen enables a user toparticipate in electronic trading. For example, a trading screen mayenable a user to view market data, submit a trade order, obtain a marketquote, monitor a position, or any combination thereof. Example tradingtools that provide this kind of functionality include X_TRADER® and MDTrader®, which are commercially offered by Trading TechnologiesInternational, Inc., located at 222 South Riverside Plaza, Chicago,Ill., 60606.

Electronic trading has made it possible for an increasing number ofparticipants to be active in a market at any given time. The increase inthe number of market participants has advantageously led to, among otherthings, a more competitive market and oftentimes greater liquidity. In acompetitive environment, like electronic trading, where every second ora fraction of second counts in intercepting trading opportunities, it isdesirable to offer tools or features that help a participant effectivelycompete in the marketplace or even give an edge over others.

BRIEF DESCRIPTION OF THE DRAWINGS

Example embodiments are described herein with reference to the followingdrawings.

FIG. 1 is a block diagram illustrating components of a client device,which is used as a trading apparatus that implements a graphical userinterface according to an embodiment.

FIG. 2 is a flowchart that illustrates a process of an embodiment.

FIGS. 3A, 3B, 3C, and 3D show a value axis to illustrate repositioningaccording to an embodiment.

The following detailed description will be better understood when readin conjunction with the drawings which show certain example embodiments.The drawings are for the purpose of illustrating certain embodiments,but it is understood that the inventions are not limited to thearrangements and instrumentality shown in the drawings.

DETAILED DESCRIPTION I. Overview

Various embodiments of a trading screen described herein make use ofcertain benefits associated with automatically repositioning a valueaxis, and yet increase the user confidence in such a screen byintelligently reducing, or sometimes eliminating, the frequency ofrepositioning. Benefits of automatic repositioning might include, amongother things, bringing the market or some aspect thereof back into view,relieving the user from having to manually reposition the value axis,and reducing the consumption of screen real estate by allowing a smallervalue axis to be displayed. Reducing the frequency of repositioning may,among other things, decrease the cognitive load on the user and decreasethe number of times the price of an order entry cell changes as comparedto a conventional trading screen. For instance, when selecting the orderentry cell, oftentimes with a single click or double click of a userinput device, the user may be more confident, in comparison to aconventional trading screen, that a trade order will be placed at theprice of the cell during the time of selection.

The embodiments offer an intuitive view of the market by allowing one ormore market indicators to traverse a value axis in a way that directlyreflects whether the market has gone up or down in value. Given thisoperational behavior, one or more market indicators may undesirably goout of view. That is, as the market indicator moves up or down in valuebeyond the boundaries of the viewable area, the indicator may moveoff-screen. One way to address this is by allowing the user to manuallyreposition the price axis, which in turn shifts the market indicatorback in view upon receipt of a command from a user input device toreposition the price axis. See, for example, U.S. Pat. Nos. 6,772,132and 7,761,362. Another way to address this is by allowing the computerto automatically reposition the price axis to maintain trading activityin view. See, for example, U.S. Pat. Nos. 7,685,055 and 7,587,357.

The embodiments build upon similarly operative trading screens (examplesof which are described more below), but provide further advantages.According to an example embodiment, value levels of a value axis areprovided in a viewable area of a graphical interface. A market valueindicator for a tradeable object is provided in the viewable area and inalignment with a corresponding value level along the value axis. Themarket value indicator may ascend or descend the value axis as theunderlying value of the market value indicator changes. There may beextended periods of time when the market value indicator stays withinview due to small market fluctuations or by having a large number ofvalue levels in the viewable area. Nonetheless, if new data is receivedand it is determined that the underlying value is greater than (or equalto) a first reposition point (FRP), where the FRP is at least two valuelevels higher than the highest viewable value, then the value axis isrepositioned. If new data is received and it is determined that theunderlying value is less than (or equal to) a second reposition point(SRP), where the SRP is at least two value levels lower than the lowestviewable value, then the value axis is repositioned. Unlike aconventional trading screen, various embodiments described hereinintentionally allow the market value indicator to go out of view andstill not cause a repositioning of the value axis, because thereposition point is greater than (or less than) at least two levelshigher (or lower) than the highest (or lowest) viewable value on thescreen, more of which is described below.

Various embodiments described herein may further increase the user'sconfidence in use of the trading screen by advantageously providingautomatic reposition functionality, but intelligently reducing thefrequency of automatic repositioning. To do so, the embodiments mayallow the market value indicator to go out of view without necessarilytriggering a reposition command. When a defined type of market movementoccurs however, such as a large market jump or the market has moved faroff screen, the value axis is automatically repositioned to bring themarket value indicator back in view. As such, the user may gain moreconfidence in using the trading display, particularly with respect to anorder entry screen and especially when only a small number of pricelevels are provided in the viewable area, because there is less risk ofthe value changing on the display during order entry. These advantagesand others will be evident to a person of ordinary skill in the art bythe following description.

Reference herein to “one embodiment,” “an embodiment,” or “an exampleembodiment” means that a particular feature, structure, orcharacteristic described in connection with the embodiment can beincluded in at least one embodiment of the invention. The appearances ofthe these phrases in various places in the specification are notnecessarily all referring to the same embodiment, nor are separate oralternative embodiments mutually exclusive of other embodiments.

II. Example Apparatus Architecture Overview

FIG. 1 is a block diagram illustrating components of a client device100, which is used as a trading apparatus that implements a graphicalinterface according to an embodiment. Examples of the client device 100include a personal computer, workstation, server computer, or some othercomputer. The client device 100 includes a processor 104, which providesoverall control. The processor 104 is connected via a bus 102 to a RAM(Random Access Memory) 106, a ROM (Read Only Memory) 108, a HDD (harddisk drive) 110, a network interface 112, a display 114, and an inputdevice 116. Oftentimes, the input device 116 includes a keyboard, mouse,or both. The client device 100 is configured to be in communication withelectronic exchange 118 via network interface 112. Other devices, suchas a gateway or router, may be used to facilitate the communicationbetween the client device 100 and the electronic exchange 118.

The HDD 110 stores a base program (e.g., operating system) and variousapplication programs. When the client device 100 starts up, theprocessor 104 reads the base program from the HDD 110 and executes thebase program in the RAM 106. Further, the processor 104 reads anappropriate application from the HDD 110 in accordance with useroperation, which is input from the input device 116, executes theapplication in the RAM 106, and displays the processing results on thedisplay 114.

An application, such as a program that when executed by an apparatuscauses the apparatus to perform a process or embodiment describedherein, may be stored in the HDD 110. A copy of the application programmay be placed onto the HDD 110 via a computer readable medium, or forexample, by receiving the application program over a network from someother source like a remote server, which could also have a copy of theapplication program.

In addition, it is understood that the client device 100 may access anapplication program on a vendor's system through a web browser or athin-client. As such, the vendor's system may include a computerreadable medium that stores the application. By way of example, theclient device 100 may access the application or software in accordancewith an application service provider (ASP) model.

Embodiments described herein may include any of an apparatus, a method,a system, a computer program, and an article of manufacture embodied asa computer readable medium. By way of illustration, the computerreadable medium may include volatile and non-volatile storage media,such as random access memory, read-only memory, flash memory, magnetictape, disk, optical media, any combination thereof, or any now know orlater developed tangible data storage device. The embodiments may beresident at the client device 100 or some other computer device, such asa remote server or vender system.

III. Repositioning Market Information

FIG. 2 is a flowchart 200 that illustrates a process that may be carriedout by any of an apparatus (e.g., like the client device 100), a system,a computer program, and a computer readable medium. The process mayimplement an embodiment for reducing, or sometimes eliminating, thenumber of times a value axis is repositioned. In doing so, the processmay purposefully allow for a market value indicator to fall out of theviewable area on a display and yet not reposition the value axis. When acertain market movement occurs, the process will reposition the valueaxis to bring the market value indicator back in view. It is understoodhowever that the present invention is not limited to the process shownand described with respect to FIG. 2. Changes and modifications madetherein may be made without departing from the spirit and scope ofcertain inventive aspects described herein.

Block 202 calls for displaying a value axis for a tradeable object. Atradeable object is any item, product, or object which can be tradedwith a quantity, price, or both. For example, financial products such asstocks, options, bonds, futures, currency, warrants, funds derivatives,securities, commodities, traded events, goods, and collections and/orcombinations of these may be tradeable objects. A tradeable object maybe “real” or “synthetic.” A real tradeable object includes products thatare listed by an exchange. A synthetic tradeable object includesproducts that are defined by the user and are not listed by an exchange.For example, a synthetic tradeable object may include a combination ofreal (or other synthetic) products such as a synthetic spread created bya trader utilizing a client device 110.

A value axis includes a series of value levels that are axis oriented.The series of value levels represent values (such as prices orderivative of prices) of the tradeable object and are oftentimesdisplayed in numerical order. The value levels may increment in theminimum amount that the price of the market can change (e.g., ticksize), or some other set amount. The number of value levels may be fixedor adjustable. An example value axis may have 20 value levels, thoughmore or less value levels can be used. Market data, such as a bid,offer, last traded quantity, working order, or any other item ofinterest associated with the market, can be displayed in alignment withthe value axis. Further, orders for the tradeable object may beinitiated (and sent in one embodiment) directly off the value axis. Anexample value axis is illustrated in FIGS. 3A-3D, more of which isdescribed below.

It is understood that that the number of value levels that are viewable,as opposed to being out of view, may vary depending on variouscircumstances, such as the size of the display screen, a selection ofvisible value levels, or the scaling of the value axis. For example, alarger display screen (e.g., a 20 inch monitor) may display more valuelevels than a smaller display screen (e.g., a 15 inch monitor). In yetanother example, a user may select to only have 10 value levels visible,even though 20 value levels may be displayed on the display screen.

Block 204 calls for receiving new data, from an electronic exchange,associated with a market value indicator (MVI). The MVI is an indicatorbased on data for a tradeable object that includes one or more pricelevels. Oftentimes, the market price indictor includes one or two pricelevels, but may include more if so programmed. Examples of an MIVinclude any of a last trade price (LTP) or quantity (LTQ), a best bidprice, a best ask price, a combination of prices such as the best bidand ask prices, a combination of prices such as the best bid and theLTP, a combination of prices such as the best ask and the LTP, a formuladriven value such as an inside market average or an average of otherprice indicators or a moving average or a theoretical value.

Referring back to FIG. 1, for example, the MVI may be set by a user viainput device 116 or hard-coded as part of the application program storedin the HDD 110. If the former, then the display device 114 may display aconfiguration window output on display device 114 that provides one ormore options to set the MVI. The configuration window may also provide aformula field. The input via input device 116 may be placed in the RAM106 and used by processor 104 to carry out the instructions.Irrespective of how the MVI is chosen or set, assume for example thatthe MVI is set to the LTP. Then, new LTP data associated with the MVI isreceived at the network interface 112 and placed, for example, in theRAM 106. New LTP data can overwrite old LTP data.

In one embodiment, the MVI may be displayed in the viewable area alongwith the value axis. For example, the MVI might include an actualelement displayed along the value axis, such as a shape or text ornumber. The MVI might include a highlighted value along the value axis.By way of illustration, the MVI might include a best bid quantity, bestask quantity, last trade quantity. The MVI might fall directly on avalue level or it could fall between two value levels (e.g., when theMVI is an average value). In another embodiment, the MVI is notdisplayed at all (e.g., an average value might not get displayed).

Block 206 calls for determining whether the MVI is greater than (orequal to) a first reposition point (FRP), where the FRP is at least twovalue levels higher than the highest viewable value. The FRP is a valuelevel that is out of view and therefore not provided in the viewablearea along the value axis. The FRP is at least two values higher thanthe highest viewable value, but more often the FRP is set to a valuemuch higher than two levels. The higher the FRP, the less often thevalue axis will reposition. It is possible therefore that the FRP is setto 100 price levels higher than the highest viewable value, for example.In such a case, the value axis would rarely reposition unless the MVIexperiences a large jump or it moves far off screen (though in thisinstance, it is likely that the user will manually reposition the valueaxis to bring it back into view at some point). In an embodiment,regardless of the FRP, it is possible to manually reposition the valueaxis.

The FRP may be derived using a fixed value, such as a starting point inrelation to the value axis plus 10, 15, 28, 45, 75, or 100 value levels,for example. A starting point might be set to the middle of the valueaxis, the top or bottom of the value axis, or some other point in theviewable (or non-viewable) area. The starting point could be input viainput device 116 and placed in the RAM 106, or alternatively, thestarting point could be hard-coded as part of the application programstored in the HDD 110, for example.

The FRP might instead be a formula driven value, such as a market priceplus an offset value. For instance, the FRP may be determined from theMVI. For instance, assume that the MVI is the best ask price, then anFRP that is 20 value levels from the last best ask price is determinedfrom the MVI. Such a setting would require that a new best ask pricejump upward 21 value levels from the previous best ask price before thevalue axis is repositioned. The FRP in such an embodiment changes as thebest ask price changes.

Irrespective of how the FRP is derived, the FRP is to be at least twovalue levels higher than the highest viewable value. That is, the FRPmust be set to a point that results in a possibility of the MVI goingout of view and yet not cause an automatic reposition to take place(e.g., at a point in time during the trading session, the MVI could beat one value level higher than the highest viewable value and thereforebe out of view).

Block 208 calls for repositioning the value axis when the MVI is greaterthan the FRP. In certain embodiments, the value axis may be repositionedwhen the MVI is equal to or greater than the FRP. In certainembodiments, the repositioning causes the MVI to be placed back intoview. In certain embodiments, the repositioning causes a market pricelike best bid, best ask, and/or last trade price to be placed back intoview. In some embodiments, however, the MVI or market price, forexample, may be repositioned and placed out of view but still closer tobeing in view.

Block 210 calls for determining whether the MVI is less than (or equalto) the second reposition point (SRP), where the SRP is at least twovalue levels lower than the lowest viewable value. The SRP may besimilarly determined as the FRP—as such, the designation of “first” and“second” in the description does not necessarily imply a differenceexcept that the SRP is a point below the value axis, whereas the FRP isa point above the value axis. Techniques for determining the SRP may besimilar to those used to compute the FRP. In some embodiments, however,the SRP may be computed differently from the FRP. This execution oflogic by processor 104, for example, of block 210 may come before,together with, or after (as shown in 200) the execution of logic byprocessor 104 of block 206.

Block 212 calls for repositioning the value axis when the MVI is lessthan the SRP. In certain embodiments, the value axis may be repositionedwhen the MVI is equal to or less than the SRP. In certain embodiments,the repositioning causes the MVI to be placed back into view. In certainembodiments, the repositioning causes a market price like best bid, bestask, and/or last trade price to be placed back into view. In someembodiments, however, the MVI or market price, for example, may berepositioned and placed out of view but still closer to being in view.

Block 214 calls for the value axis to not be repositioned. Unlikeconventional systems, the process 200 allows for a market valueindicator to fall out of the viewable area on a display and yet notreposition the value axis. A manual reposition command however may beinput via the input device 116 at any time, if for example the softwareapplication stored at the HDD 110 is so programmed.

It is understood that instead of comparing the MVI to the FRP or SRP, asperformed in blocks 206 and 210, the program may instead compare the MVIto a range of value levels determined from the FRP or SRP, more of whichis described below.

IV. Repositioning Example

FIG. 3A shows a value axis 300 with example prices to illustraterepositioning according to an embodiment described herein. The valueaxis 300 may be part of a trading screen and is displayed within aviewable area 302. The viewable area 302 is what is displayed to a user,for example, via display device 114 in FIG. 1. Value levels shownoutside of viewable area 302 are for purposes of illustration andgenerally are not viewable to the user.

Value axis 300 currently shows example prices 73 to 82. Locations withinthe viewable area 302 and adjacent to the prices provide areas todisplay corresponding market information like bids and offers. Forinstance, a best bid price is 77 because the highest bid quantity is 10and is displayed adjacent to a price of 77. Another bid is shown 14 at75. A best ask price is 78 because the lowest offer is 12 and isdisplayed adjacent to a price of 78. Another offer is shown 9 at 79.More or less locations may be shown, and might provide the LTP and LTQor some other configured item of interest, as it relates to the valueaxis 300.

In addition, selecting any of the locations may send trade orders to theexchange for a default quantity at a price that corresponds to theselected price level. In other words, viewable area 302 provides anumber of locations to send trade orders on to the electronic exchange,where for example those locations displayed to the left of the valueaxis pertain to orders to buy and those locations displayed to the rightof the value axis pertain to orders to sell. For instance, a user mightselect location 304 with a single action of a user input device (e.g., asingle click of a mouse, double click of a mouse, cursor hover, tap onthe screen, modal shift and key press, and other similarly known singleactions) to send a trade order to the exchange to buy a default quantityat a price of 76. In another instance, the user might select location306 with a single action of a user input device to send a trade order tothe exchange to sell a default quantity at the price of 77. Otherconfigurations are possible and therefore it is understood that thepresent embodiments are not limited to that shown in the figure.

As described briefly above, FIG. 3A also shows a conceptual extension ofthe value axis 300 to illustrate an embodiment. The first extensionincludes prices 83 to at least 89 and the second extension includesprices 72 down to at least 66. These values would ordinarily not bedisplayed to the user, but are displayed here to show a conceptualoperation of the embodiment.

Assume for the moment that the inside market prices (the best bid andask prices) are set as the MVI, such that a reposition is triggered whenany of the best bid and ask prices is equal to either the FRP or SRP.Currently, the best bid is 77 and the best ask is 78. Assume also thatthe FRP is at 86 and the SRP is at 69. The SRP is not as important herebecause this example will look to a market increase.

FIG. 3B shows the viewable area 302, only some time after that shown inFIG. 3A and the market has moved up in value. In fact, the market hasmoved so far that the best bid, now at 84, and best ask, now at 85, arecurrently out of view. The value axis is not repositioned, unless ofcourse, the user signals a manual reposition command, if such an optionis available to the user.

Using a conventional trading screen with the automatic repositioningfeature turned ON, if the user wanted to send a trade order to buy at 76(as evident by the cursor placed over an order entry cell in alignmentwith 76 in FIG. 3A), but the market changed such that the MVI is nolonger in view, then the software would have automatically repositionedthe value axis to keep the MVI in view. During this time, it is possiblefor the user to actually select a different price (a price greater than76) because the screen could update just before the user actuallyselected the location. This can lead to disastrous consequencesespecially if the screen update caused the user to cross the market andbuy the tradeable object for more than originally intended.

Using a trading screen that employs the embodiments described herein,however, the value axis 300 is not necessarily repositioned to keep theMVI in view. In fact, the value axis shown in FIG. 3B is notrepositioned, and therefore the user would have placed a trade order atthe desired price of 76. The reduction in frequency of repositioning, ascompared to conventional trading screens, can lead to higher confidencein placing trade orders.

FIG. 3C shows the viewable area 302, only some time after that shown inFIG. 3B and the market has moved further up in value. Here, the best askprice moved beyond the FRP. As such, the value axis 300 will berepositioned by the computer to that shown in FIG. 3D, for example,where the best ask price is moved to the middle of the viewable area302. Note that the best ask price could have been moved to a differentlocation than the middle of the viewable area 302. Also, the value axis300 could have repositioned so that the inside market is placed in themiddle of the viewable area 302, to the extent that it can be.

Referring back to FIG. 3B, another way to look at the example embodimentis that the inside market (the MVI in this example) was intentionallyallowed to go out of view, because it did not satisfy a thresholdcondition (the FRP in this example). That is, the inside market fellwithin a first range of prices 83-85 along the value axis 300, where thefirst range of price levels is substantially contiguous to a price levelin the viewable area (price 82) and outside of the viewable area 302. Asa result, the value axis 300 is not repositioned. When the inside marketfell within a second range of prices 86 and higher along the value axis300 per FIG. 3C, where the second range of prices is substantiallycontiguous to the first range of price levels and outside of theviewable area 302, then the value axis 300 is repositioned per FIG. 3D.The first and second range of prices may be determined using the FRP.

A similar process applies to the SRP, but instead the market would needto go down in value and therefore fall outside of viewable area 302.Then, the MVI is compared to the SRP to determine whether to repositionthe value axis 300. That is, if the MVI is less than or equal to theSRP, then the value axis 300 is repositioned, otherwise it is notrepositioned.

V. Conclusion

The embodiments described herein may be utilized by any type of tradingscreen that may put to use the embodiments provided herein. For example,a non-moving value axis or a drifting value axis may all benefit fromuse of the embodiments described herein. Additional types of automaticrepositioning tools and manual repositioning tools may be used alongwith the present embodiments, and may each provide their own distinctadvantages to the overall system.

While a number of inventions have been described with reference tocertain embodiments, it will be understood by those skilled in the artthat various changes may be made and equivalents may be substitutedwithout departing from the scope of the inventions. In addition, manymodifications may be made to adapt a particular situation or material tothe teachings of the inventions without departing from their scope.Therefore, it is intended that the inventions not be limited to theparticular embodiments disclosed, but that the inventions will includeall embodiments falling within the scope of the claims.

What is claimed is:
 1. A trading device comprising: an electronicdisplay configured to provide a graphical user interface having viewablearea with a plurality of price levels along a price axis, where a marketvalue indicator is displayed along the plurality of price levels alongthe price axis, a value of the market value indicator corresponding toat least one of the plurality of price levels at which the market valueindicator is displayed, and where the market value indicator ascends ordescends the price axis as the value of the market value indicatorchanges; a market data receiver configured to receive a first new dataassociated with the market value indicator; and an electronic processorcoupled with the electronic display and the market data receiver, andconfigured to determine whether the value of the market value indicatorbased on the first new data is beyond a first repositioning point beyondthe viewable area and whether the market value indicator is not withinthe viewable area, where in response to determining that the value ofthe market value indicator is not beyond the first repositioning pointbeyond the viewable area and that the market value indicator is notviewable within the viewable area, the electronic processor isconfigured to cause the display to maintain the plurality of pricelevels along the price axis within the viewable area withoutrepositioning the price axis, and where in response to determining thatthe value of the market value indicator is beyond the firstrepositioning point beyond the viewable area and that the market valueindicator is not viewable within the viewable area, the electronicprocessor causes the display to reposition the price axis to bring themarket value indicator back into the viewable area.
 2. The tradingdevice of claim 1, wherein the market value indicator corresponds to anyof a best bid price, best ask price, and last traded price.
 3. Thetrading device of claim 1, where the electronic processor is configuredto cause the display to display the market value indicator when thevalue is within the viewable area.
 4. The trading device of claim 1,further comprising a user input device configured to receive a commandto manually reposition the price axis, wherein the market valueindicator is brought back into the viewable area responsive to thecommand.
 5. The trading device of claim 1, wherein the firstrepositioning point is greater than a highest viewable price level. 6.The trading device of claim 5, further comprising a user input deviceconfigured to receive an input from a user to determine the firstrepositioning point.
 7. The trading device of claim 1, wherein firstrepositioning point is less than a lowest viewable price level.
 8. Thetrading device of claim 7, further comprising a user input deviceconfigured to receive a input from a user to determine the firstrepositioning point.
 9. The trading device of claim 1, furthercomprising a user input device configured to receive an input from auser to determine the market value indicator.